- Originations rose 22% and total company revenue increased 16% from the third quarter of 2024
- Diluted earnings per share of $3.03 increased 93% and adjusted earnings per share1 of $3.36 rose 37% compared to the third quarter of 2024
- Consolidated credit performance remained strong with a net charge-off ratio of 8.5% and net revenue margin of 57%
- Year-over-year improvement in the consolidated 30+ day delinquency ratio of 7.2% and stability in the consolidated portfolio fair value premium of 115% reflect a stable credit outlook
- Liquidity, including cash and marketable securities and available capacity on facilities, totaled $1.2 billion at September 30th
- Share repurchases during the quarter totaled $38 million
CHICAGO, Oct. 23, 2025 /PRNewswire/ -- Enova International (NYSE:ENVA), a leading financial services company powered by machine learning and world-class analytics, today announced financial results for the third quarter ended September 30, 2025.
"We are pleased to report another solid quarter driven by strong demand and stable credit performance across both our SMB and consumer businesses," said David Fisher, Enova's CEO. "Our success and vast experience in managing the business through many different operating environments has been fueled by our diversified product offerings, the sophistication of our machine-learning models, outstanding team and online-only model. Looking forward, I am very excited and optimistic about the long-term future of Enova as Steve Cunningham takes over as CEO in January. We are committed to our disciplined focused growth approach and we remain confident in our ability to continue meeting our customers' needs while creating meaningful value for our shareholders."
Third Quarter 2025 Summary
- Total revenue of $803 million increased 16% from $690 million in the third quarter of 2024.
- Net revenue margin of 57% compared to 58% in the third quarter of 2024, reflecting continued solid credit performance.
- Net income of $80 million, or $3.03 per diluted share, increased 85% from $43 million, or $1.57 per diluted share, in the third quarter of 2024.
- Adjusted EBITDA1 of $218 million increased 27% from $172 million in the third quarter of 2024.
- Adjusted earnings per share1 of $3.36 increased 37% from $2.45 per diluted share in the third quarter of 2024.
- Total company combined loans and finance receivables1 increased 20% from the end of the third quarter of 2024 to a record $4.5 billion with total company originations of $2.0 billion in the quarter.
- Repurchased $38 million of common stock under the company's share repurchase program.
"We are pleased to deliver another solid quarter of top and bottom-line results that were inline or better than our expectations with strong growth in originations, receivables and revenue along with solid credit, operating efficiency and balance sheet flexibility," said Steve Cunningham, CFO of Enova. "We have delivered six consecutive quarters of year-over-year adjusted EPS growth of at least 25% or more, and we remain confident in our ability to continue to generate meaningful financial results for the remainder of 2025 and beyond."
_____________________ | |
1 | Non-GAAP measure. Refer to "Non-GAAP Financial Measures," "Loans and Finance Receivables Financial and Operating Data," and "Reconciliation of GAAP to Non-GAAP Financial Measures" below for additional information. |
Conference Call
Enova will host a conference call to discuss its third quarter 2025 results at 4 p.m. Central Time / 5 p.m. Eastern Time today, October 23rd. The live webcast of the call can be accessed at the Enova Investor Relations website at http://ir.enova.com, along with the company's earnings press release and supplemental financial information. The U.S. dial-in for the call is 1-855-560-2575 (1-412-542-4161 for non-U.S. callers). Please ask to join the Enova International call. A replay of the conference call will be available until October 30, 2025, at 10:59 p.m. Central Time / 11:59 p.m. Eastern Time, while an archived version of the webcast will be available on the Enova International Investor Relations website for 90 days. The U.S. dial-in for the conference call replay is 1-877-344-7529 (1-412-317-0088). The replay access code is 8315240.
About Enova
Enova International (NYSE:ENVA) is a leading online financial services company that serves small businesses and consumers who are underserved by traditional banks. For over 20 years, Enova has provided over $65 billion in loans and financing to more than 13 million customers by offering a suite of market-leading products powered by the company's world-class analytics, machine learning algorithms and proprietary technology. You can learn more about the company and its portfolio of businesses at www.enova.com.
Cautionary Statement Concerning Forward Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the business, financial condition and prospects of Enova. These forward-looking statements give current expectations or forecasts of future events and reflect the views and assumptions of Enova's senior management with respect to the business, financial condition and prospects of Enova as of the date of this release and are not guarantees of future performance. The actual results of Enova could differ materially from those indicated by such forward-looking statements because of various risks and uncertainties applicable to Enova's business, including, without limitation, those risks and uncertainties indicated in Enova's filings with the Securities and Exchange Commission ("SEC"), including our annual report on Form 10-K, quarterly reports on Forms 10-Q and current reports on Forms 8-K. These risks and uncertainties are beyond the ability of Enova to control, and, in many cases, Enova cannot predict all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this release, the words "believes," "estimates," "plans," "expects," "anticipates" and similar expressions or variations as they relate to Enova or its management are intended to identify forward-looking statements. Enova cautions you not to put undue reliance on these statements. Enova disclaims any intention or obligation to update or revise any forward-looking statements after the date of this release.
Non-GAAP Financial Measures
In addition to the financial information prepared in conformity with generally accepted accounting principles in the United States, or GAAP, Enova provides historical non-GAAP financial information. Enova presents non-GAAP financial information because such measures are used by management in understanding the activities and business metrics of Enova's operations. Management believes that these non-GAAP financial measures reflect an additional way of viewing aspects of Enova's business that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
Management provides non-GAAP financial information for informational purposes and to enhance understanding of Enova's GAAP consolidated financial statements. Readers should consider the information in addition to, but not instead of or superior to, Enova's financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.
Combined Loans and Finance Receivables
The combined loans and finance receivables measures are non-GAAP measures that include loans and finance receivables that Enova owns or has purchased and loans that Enova guarantees. Management believes these non-GAAP measures provide management and investors with important information needed to evaluate the magnitude of potential receivable losses and the opportunity for revenue performance of the loans and finance receivable portfolio on an aggregate basis. Management also believes that the comparison of the aggregate amounts from period to period is more meaningful than comparing only the amounts reflected on Enova's consolidated balance sheet since revenue is impacted by the aggregate amount of receivables owned by Enova and those guaranteed by Enova as reflected in its consolidated financial statements.
Adjusted Earnings Measures
Enova provides adjusted earnings and adjusted earnings per share, or, collectively, the Adjusted Earnings Measures, which are non-GAAP measures. Management believes that the presentation of these measures provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, derivative instruments and amortization methods, which can provide a more complete understanding of Enova's financial performance, competitive position and prospects for the future. Management utilizes, and also believes that investors utilize, the Adjusted Earnings Measures to assess operating performance, recognizing that such measures may highlight trends in Enova's business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. In addition, management believes that the Adjusted Earnings Measures are useful to management and investors in comparing Enova's financial results during the periods shown without the effect of certain items that are not indicative of Enova's core operating performance or results of operations.
Adjusted EBITDA Measures
Enova provides Adjusted EBITDA and Adjusted EBITDA margin, or, collectively, the Adjusted EBITDA measures, which are non-GAAP measures. Adjusted EBITDA is a non-GAAP measure that Enova defines as earnings excluding depreciation, amortization, interest, foreign currency transaction gains or losses, taxes, stock-based compensation and certain other items, as appropriate, that are not indicative of our core operating performance. Adjusted EBITDA margin is a non-GAAP measure that Enova defines as Adjusted EBITDA as a percentage of total revenue. Management utilizes, and also believes that investors utilize, Adjusted EBITDA Measures to analyze operating performance and evaluate Enova's ability to incur and service debt and Enova's capacity for making capital expenditures. Enova believes that Adjusted EBITDA is useful to management and investors in comparing Enova's financial results during the periods shown without the effect of certain non-cash items and certain items that are not indicative of Enova's core operating performance or results of operations. Adjusted EBITDA Measures are also useful to investors to help assess Enova's estimated enterprise value.
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) (Unaudited) | ||||||||||||
September 30, | December 31, | |||||||||||
2025 | 2024 | 2024 | ||||||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | 53,600 | $ | 67,500 | $ | 73,910 | ||||||
Restricted cash | 303,365 | 186,880 | 248,758 | |||||||||
Loans and finance receivables at fair value | 5,012,853 | 4,134,440 | 4,386,444 | |||||||||
Income taxes receivable | 55,124 | 66,290 | 40,690 | |||||||||
Other receivables and prepaid expenses | 76,941 | 68,926 | 63,752 | |||||||||
Property and equipment, net | 128,690 | 117,970 | 119,956 | |||||||||
Operating lease right-of-use assets | 17,167 | 12,705 | 18,201 | |||||||||
Goodwill | 279,275 | 279,275 | 279,275 | |||||||||
Intangible assets, net | 4,910 | 12,964 | 10,951 | |||||||||
Other assets | 30,312 | 28,746 | 24,194 | |||||||||
Total assets | $ | 5,962,237 | $ | 4,975,696 | $ | 5,266,131 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||
Accounts payable and accrued expenses | $ | 252,914 | $ | 259,535 | $ | 249,970 | ||||||
Operating lease liabilities | 32,247 | 26,346 | 32,165 | |||||||||
Deferred tax liabilities, net | 286,930 | 217,387 | 223,590 | |||||||||
Long-term debt | 4,106,471 | 3,293,735 | 3,563,482 | |||||||||
Total liabilities | 4,678,562 | 3,797,003 | 4,069,207 | |||||||||
Commitments and contingencies | ||||||||||||
Stockholders' equity: | ||||||||||||
Common stock, $0.00001 par value, 250,000,000 shares authorized, | — | — | — | |||||||||
Preferred stock, $0.00001 par value, 25,000,000 shares authorized, | — | — | — | |||||||||
Additional paid in capital | 359,054 | 318,223 | 328,268 | |||||||||
Retained earnings | 1,927,162 | 1,634,059 | 1,697,754 | |||||||||
Accumulated other comprehensive loss | (7,872) | (9,422) | (13,691) | |||||||||
Treasury stock, at cost (22,447,060, 20,186,725 and 20,712,820 | (994,669) | (764,167) | (815,407) | |||||||||
Total stockholders' equity | 1,283,675 | 1,178,693 | 1,196,924 | |||||||||
Total liabilities and stockholders' equity | $ | 5,962,237 | $ | 4,975,696 | $ | 5,266,131 | ||||||
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (Unaudited)
| ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenue | $ | 802,678 | $ | 689,924 | $ | 2,312,262 | $ | 1,928,249 | ||||||||
Change in Fair Value | (341,971) | (289,568) | (983,915) | (811,836) | ||||||||||||
Net Revenue | 460,707 | 400,356 | 1,328,347 | 1,116,413 | ||||||||||||
Operating Expenses | ||||||||||||||||
Marketing | 147,351 | 141,059 | 429,490 | 372,391 | ||||||||||||
Operations and technology | 64,564 | 56,628 | 190,674 | 165,960 | ||||||||||||
General and administrative | 39,661 | 38,916 | 122,633 | 118,489 | ||||||||||||
Depreciation and amortization | 12,356 | 10,039 | 32,765 | 30,011 | ||||||||||||
Total Operating Expenses | 263,932 | 246,642 | 775,562 | 686,851 | ||||||||||||
Income from Operations | 196,775 | 153,714 | 552,785 | 429,562 | ||||||||||||
Interest expense, net | (86,954) | (76,902) | (250,279) | (213,453) | ||||||||||||
Foreign currency transaction gain (loss) | 90 | (95) | (228) | (162) | ||||||||||||
Equity method investment income (loss) | 258 | (16,552) | 991 | (16,552) | ||||||||||||
Other nonoperating expenses | — | (4,678) | (1,019) | (5,691) | ||||||||||||
Income before Income Taxes | 110,169 | 55,487 | 302,250 | 193,704 | ||||||||||||
Provision for income taxes | 29,855 | 12,073 | 72,842 | 47,951 | ||||||||||||
Net income | $ | 80,314 | $ | 43,414 | $ | 229,408 | $ | 145,753 | ||||||||
Earnings Per Share | ||||||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 3.22 | $ | 1.64 | $ | 9.07 | $ | 5.36 | ||||||||
Diluted | $ | 3.03 | $ | 1.57 | $ | 8.53 | $ | 5.14 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 24,955 | 26,420 | 25,307 | 27,182 | ||||||||||||
Diluted | 26,472 | 27,711 | 26,881 | 28,382 | ||||||||||||
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (dollars in thousands) (Unaudited)
| ||||||||
Nine Months Ended September 30, | ||||||||
2025 | 2024 | |||||||
Total cash flows provided by operating activities | $ | 1,320,310 | $ | 1,108,056 | ||||
Cash flows from investing activities | ||||||||
Loans and finance receivables | (1,607,528) | (1,298,988) | ||||||
Capitalization of software development costs and purchases of fixed assets | (35,444) | (33,244) | ||||||
Total cash flows used in investing activities | (1,642,972) | (1,332,232) | ||||||
Cash flows provided by financing activities | 356,731 | 101,911 | ||||||
Effect of exchange rates on cash, cash equivalents and restricted cash | 228 | (794) | ||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 34,297 | (123,059) | ||||||
Cash, cash equivalents and restricted cash at beginning of year | 322,668 | 377,439 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 356,965 | $ | 254,380 | ||||
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES LOANS AND FINANCE RECEIVABLES FINANCIAL AND OPERATING DATA (dollars in thousands)
| ||||||||||||
The following table includes financial information for loans and finance receivables, which is based on loan and finance receivable
| ||||||||||||
Three Months Ended September 30, | 2025 | 2024 | Change | |||||||||
Ending combined loan and finance receivable principal balance: | ||||||||||||
Company owned | $ | 4,344,901 | $ | 3,593,366 | $ | 751,535 | ||||||
Guaranteed by the Company(a) | 17,301 | 18,292 | (991) | |||||||||
Total combined loan and finance receivable principal balance(b) | $ | 4,362,202 | $ | 3,611,658 | $ | 750,544 | ||||||
Ending combined loan and finance receivable fair value balance: | ||||||||||||
Company owned | $ | 5,012,853 | $ | 4,134,440 | $ | 878,413 | ||||||
Guaranteed by the Company(a) | 24,372 | 25,446 | (1,074) | |||||||||
Ending combined loan and finance receivable fair value balance(b) | $ | 5,037,225 | $ | 4,159,886 | $ | 877,339 | ||||||
Fair value as a % of principal(c) | 115.5 | % | 115.2 | % | 0.3 | % | ||||||
Ending combined loan and finance receivable balance, including principal | ||||||||||||
Company owned | $ | 4,500,360 | $ | 3,742,767 | $ | 757,593 | ||||||
Guaranteed by the Company(a) | 20,750 | 21,797 | (1,047) | |||||||||
Ending combined loan and finance receivable balance(b) | $ | 4,521,110 | $ | 3,764,564 | $ | 756,546 | ||||||
Average combined loan and finance receivable balance, including | ||||||||||||
Company owned(d) | $ | 4,407,476 | $ | 3,658,014 | $ | 749,462 | ||||||
Guaranteed by the Company(a)(d) | 20,881 | 18,999 | 1,882 | |||||||||
Average combined loan and finance receivable balance(a)(d) | $ | 4,428,357 | $ | 3,677,013 | $ | 751,344 | ||||||
Installment loans as percentage of average combined loan and finance | 44.2 | % | 45.9 | % | (1.7) | % | ||||||
Line of credit accounts as percentage of average combined loan and | 55.8 | % | 54.1 | % | 1.7 | % | ||||||
Revenue | $ | 791,723 | $ | 680,338 | $ | 111,385 | ||||||
Change in fair value | (339,872) | (287,037) | (52,835) | |||||||||
Net revenue | $ | 451,851 | $ | 393,301 | $ | 58,550 | ||||||
Net revenue margin | 57.1 | % | 57.8 | % | (0.7) | % | ||||||
Combined loan and finance receivable originations and purchases | $ | 1,961,439 | $ | 1,613,920 | $ | 347,569 | ||||||
Delinquencies: | ||||||||||||
>30 days delinquent | $ | 327,387 | $ | 293,839 | $ | 33,548 | ||||||
>30 days delinquent as a % of combined loan and finance receivable | 7.2 | % | 7.8 | % | (0.6) | % | ||||||
Charge-offs: | ||||||||||||
Charge-offs (net of recoveries) | $ | 377,811 | $ | 309,325 | $ | 68,486 | ||||||
Charge-offs (net of recoveries) as a % of average combined loan and | 8.5 | % | 8.4 | % | 0.1 | % | ||||||
_____________________ | |
(a) | Represents loans originated by third-party lenders through the CSO programs, which are not included in our consolidated balance sheets. |
(b) | Non-GAAP measure. |
(c) | Determined using period-end balances. |
(d) | The average combined loan and finance receivable balance is the average of the month-end balances during the period. |
ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (dollars in thousands, except per share data)
| ||||||||||||||||
Adjusted Earnings Measures
| ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net income | $ | 80,314 | $ | 43,414 | $ | 229,408 | $ | 145,753 | ||||||||
Adjustments: | ||||||||||||||||
Transaction-related costs(a) | — | — | — | 327 | ||||||||||||
Equity method investment income(b) | (258) | 16,552 | (991) | 16,552 | ||||||||||||
Other nonoperating expenses(c) | — | 4,678 | 1,019 | 5,691 | ||||||||||||
Intangible asset amortization | 2,014 | 2,014 | 6,041 | 6,041 | ||||||||||||
Stock-based compensation expense | 8,535 | 8,116 | 24,577 | 23,519 | ||||||||||||
Foreign currency transaction (gain) loss | (90) | 95 | 228 | 162 | ||||||||||||
Cumulative tax effect of adjustments | (1,692) | (6,949) | (4,668) | (12,181) | ||||||||||||
Adjusted earnings | $ | 88,823 | $ | 67,920 | $ | 255,614 | $ | 185,864 | ||||||||
Diluted earnings per share | $ | 3.03 | $ | 1.57 | $ | 8.53 | $ | 5.14 | ||||||||
Adjusted earnings per share | $ | 3.36 | $ | 2.45 | $ | 9.51 | $ | 6.55 | ||||||||
Adjusted EBITDA | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net income | $ | 80,314 | $ | 43,414 | $ | 229,408 | $ | 145,753 | ||||||||
Depreciation and amortization expenses | 12,356 | 10,039 | 32,765 | 30,011 | ||||||||||||
Interest expense, net | 86,954 | 76,902 | 250,279 | 213,453 | ||||||||||||
Foreign currency transaction (gain) loss | (90) | 95 | 228 | 162 | ||||||||||||
Provision for income taxes | 29,855 | 12,073 | 72,842 | 47,951 | ||||||||||||
Stock-based compensation expense | 8,535 | 8,116 | 24,577 | 23,519 | ||||||||||||
Adjustments: | ||||||||||||||||
Transaction-related costs(a) | — | — | — | 327 | ||||||||||||
Equity method investment income(b) | (258) | 16,552 | (991) | 16,552 | ||||||||||||
Other nonoperating expenses(c) | — | 4,678 | 1,019 | 5,691 | ||||||||||||
Adjusted EBITDA | $ | 217,666 | $ | 171,869 | $ | 610,127 | $ | 483,419 | ||||||||
Adjusted EBITDA margin calculated as follows: | ||||||||||||||||
Total Revenue | $ | 802,678 | $ | 689,924 | $ | 2,312,262 | $ | 1,928,249 | ||||||||
Adjusted EBITDA | 217,666 | 171,869 | 610,127 | 483,419 | ||||||||||||
Adjusted EBITDA as a percentage of total revenue | 27.1 | % | 24.9 | % | 26.4 | % | 25.1 | % | ||||||||
_____________________ | |
(a) | In the first quarter of 2024, the Company recorded $0.3 million ($0.2 million net of tax) of costs related to a consent solicitation for the Senior Notes due 2025. |
(b) | In the third quarter of 2024, the Company recorded an equity method investment loss of $16.6 million ($13.3 million net of tax) related to the write-down of its investment in Linear. |
(c) | In the second quarter of 2025 and the three- and nine-month periods ended September 30, 2024, the Company recorded other nonoperating expense of $1.0 million ($0.8 million net of tax), $4.7 million ($3.5 million net of tax) and $5.7 million ($4.3 million net of tax), respectively, related to the early extinguishment of debt. |
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SOURCE Enova International, Inc.